Second-quarter profits at fragrance supplier International Flavors & Fragrances Inc. declined 14.5 percent to $67 million, or 83 cents a diluted share, from $78.4 million, or 87 cents, in the same period a year ago, on higher interest expense related to borrowings for an accelerated share repurchase program last year.
IFF, which posted results Wednesday night, reported that, excluding special items like a tax adjustment and employee separation costs, adjusted earnings per share for the quarter ended June 30 were 81 cents versus 72 cents a year ago. Wall Street analysts were expecting earnings per share of 80 cents, according to Yahoo Finance. Quarterly revenues were $636.1 million, up 10.9 percent from $573.7 million last year, a 4 percent gain in local currencies.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"